TOKYO POWER COMPANY TO USE BLOCKCHAIN TO TRADE ELECTRICITY SURPLUS
Tokyo Electric Power Company Holding partnered with Itochu Corporation to begin building a blockchain-based system for trading electricity surplus.
Tokyo Electric Power Company Holdings Inc. or Tepco partnered with the major Japanese trading company Itochu Corporation and began building a blockchain-based system for excess electricity trading.
On June 18, the new system will be available to households in Japan within three years, according to the Nikkei. The firms plan to collaborate with local governments and launch a PoS by March 2021.
If successful, it would be the first example of excess electricity trade among households in Japan.
Tepco and Itochu will give homes AI-based storage batteries and solar panels for free. AI technology controls the amount of energy produced and consumed and calculates surpluses for trade.
Blockchain technology will be used to enhance” communications security."
Tepco and Itochu's initiative follows similar ones emerging globally. In April, Australian blockchain firm Power Ledger signed a deal with the largest medium density residential developer in Perth, Nicheliving, to develop a blockchain-based solar energy trading platform for local residents over the next three years.
The energy trading system is similar to Tepco and Itochu. While Blockchain technology monitors energy consumption, AI allows users to sell excess to other residents.
The Power Ledger's platform will first be used in 62 apartments in Nicheliving's flagship skyhomes development in Inglewood, followed by 10 new developments in the Perth metropolitan area.